EPF Interest Rates: When Will You Receive Interest in Your Account? Know Through These 4 Methods
The Employees’ Provident Fund Organization (EPFO) recently brought great news for its millions of subscribers. For over 6 crore PF account holders, there’s an exciting update that their PF accounts will now earn increased interest. The announcement of a 0.10% hike in the EPF Interest Rate was made on Saturday. EPFO has fixed the EPF interest rate for 2023-24 at 8.25%, the highest in the past 3 years. Following government approval, the interest on EPF for 2023-24 will be credited to the accounts of EPFO’s more than six crore customers.
When Will the Interest be Credited to the Account?
For those unaware, the EPF account doesn’t directly credit money to your account, nor does the increased interest automatically appear in your bank account. Money is deducted from your salary for the EPF account, and you receive annual interest on it. This means that the government revises the rate once a year, and the calculated interest is then credited to your EPF account. It’s important to note that while interest is calculated monthly in EPF accounts, it is credited to your account once a year. EPFO has stated that the process of depositing interest for the financial year 2022-23 is underway, and subscribers will receive their full amount.
Generally, EPFO sends interest to subscribers’ accounts at the end of the financial year, so subscribers should expect to see interest credited to their accounts in March-April.
How to Check EPF Balance?
You can check whether interest has been credited to your account or not through various methods – EPFO Portal, Missed Call, Umang App, and SMS.
How to Check Passbook on EPFO Portal
Step 1 – Visit the EPFO Portal at https://www.epfindia.gov.in/site_en/index.php. You need to have your UAN (Universal Account Number) activated.
Step 2 – Once the site is open, go to the ‘Our Services’ tab and select ‘for employees’ from the drop-down menu.
Step 3 – Click on ‘member passbook’ below the service column.
Step 4 – On the next page, you need to enter your UAN and password. After entering the captcha, log in.
Step 5 – After logging in, enter your member ID. Your EPF balance will then be displayed, showing your account balance along with all deposits, establishment ID, member ID, office name, employer’s share, and employee’s share.
How to Check EPF Passbook via Missed Call
You can check your EPF balance by giving a missed call to 011-22901406. Upon calling, you will receive an SMS reflecting your balance. For this, your mobile number must be registered with your EPF account.
How to Check EPF Balance via SMS
Similar to the missed call service, all your necessary documents should be linked to your UAN for you to use this service. For this, you need to SMS EPFOHO UAN ENG (or the code for the language of your choice) to 7738299899.
How to Check EPF Balance via UMANG App
Step 1 – Install the UMANG (Unified Mobile Application for New-age Governance) app on your phone and log in. Your registered mobile number should be in your phone.
Step 2 – Click on the ‘EPFO Option’ in the app.
Step 3 – Now, click on ‘Employee Centric Services’.
Step 4 – Click on ‘view passbook’ on the next page.
Step 5 – You’ll need to enter your UAN on the next page, and an OTP will be sent to your registered mobile number.
Step 6 – Enter the OTP and log in. Once logged in, you’ll see the details of your passbook.